updated 2d ago
Product Strategy for High Technology Companies
those companies that articulate a core strategic vision know where they want to go, how they will get there, and why they will get there successfully. They are confident that they will be successful, and they move decisively. There is no confusion about what to do or how to do it.
from Product Strategy for High Technology Companies by Michael E. McGrath
Abhishek Sivaraman added 4mo ago
Core Strategic Vision
from Product Strategy for High Technology Companies by Michael E. McGrath
Abhishek Sivaraman added 4mo ago
Focus A good core strategic vision is sufficiently focused. A broad vision is too general, sounding more like a mission statement than a real strategic vision.
from Product Strategy for High Technology Companies by Michael E. McGrath
Abhishek Sivaraman added 4mo ago
Clarity If a core strategic vision is too ambiguous, then there is a danger that different managers within the company will have different interpretations, and execution of the vision will not be aligned. Some additional explanation or interpretation might be required in order to clarify the vision.
from Product Strategy for High Technology Companies by Michael E. McGrath
Abhishek Sivaraman added 4mo ago
On the other hand, statements such as “We aim to provide manual diagnostic tests for tuberculosis” limit the company to a single product line. This may be appropriate if the company has no desire to expand into other markets, but it is too restrictive otherwise.
from Product Strategy for High Technology Companies by Michael E. McGrath
Abhishek Sivaraman added 4mo ago
Completeness A good core strategic vision must be complete. We have found that completeness means that the vision can answer three questions: Where do we want to go? How will we get there? Why will we be successful?
from Product Strategy for High Technology Companies by Michael E. McGrath
Abhishek Sivaraman added 4mo ago
While knowing where you want to go appears obvious, too many companies operate as though they are blind or as though their strategic vision has deteriorated.
from Product Strategy for High Technology Companies by Michael E. McGrath
Abhishek Sivaraman added 4mo ago
A CEO can and should expand on the company’s vision and explain it from time to time in presentations to employees, at strategy sessions, and in annual reports. The brief vision statement becomes the theme for more in-depth explanations. These explanations may vary as the circumstances change, since visions often need to be reinterpreted over time.
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Abhishek Sivaraman added 4mo ago
A core strategic vision can be changed in several ways. It can be clarified, as the company moves closer to achieving its original vision. It can evolve, as the company learns more about itself and its markets. Technology may change enough that the original vision is no longer exciting or profitable. Whatever the reason, eventually all high-technol
... See morefrom Product Strategy for High Technology Companies by Michael E. McGrath
Abhishek Sivaraman added 4mo ago